Lg discloses the latest lithium iron phosphate energy storage solution

Is LG bolstering its cheaper lithium iron phosphate battery business?

LG Energy Solution is bolstering its cheaper lithium iron phosphate (LFP) battery business with a new partnership. The Korean battery maker said Thursday that it has signed a long-term supply deal with China’s Changzhou Liyuan New Energy Technology, which bolster the production of LFP batteries for EVs and energy storage systems.

When will LG Energy Solution start producing lithium iron phosphate (LFP) batteries?

LG Energy Solution will begin full-scale production of lithium iron phosphate (LFP) ESS batteries at its Michigan plant by late 2025, supported by a $1.4 billion debt guarantee. This expansion includes real-time monitoring software and aims to counter rising US tariffs on Chinese ESS, strengthening LG’s North American market position.

Does lges have a long-term cathode supply deal with China?

SEOUL, Feb. 22 (Yonhap) -- LG Energy Solution Ltd. (LGES), South Korea's top car battery maker, said Thursday it has signed a long-term cathode supply deal with a Chinese company to expand its lithium iron phosphate (LFP) battery business.

Where are LG batteries made?

LG Energy Solution’s battery manufacturing plant in Holland, Michigan (LG Energy Solution) LG Energy Solution announced Wednesday that it will launch full-scale production of lithium iron phosphate batteries for energy storage systems in the US during the second half of this year.

How many EV batteries will LG Energy Solution supply?

Under the five-year cathode material supply contract, the Nanjing-based company will supply LG Energy Solution with some 160,000 tons of cathode materials, which can produce batteries to power one million EVs with a driving range of more than 400 kilometers (249 miles) per single charge. The value of the deal has not been disclosed.

Why is LG partnering with China's Liyuan new energy technology?

LG Energy Solution partnered with China's Changzhou Liyuan New Energy Technology to boost the production of cheaper LFP batteries for EVs and energy storage, aiming to diversify its product portfolio amid a global slowdown of EV demand.